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Find A LenderSkyCap Financial: Overview
SkyCap Financial is a Canadian loan provider specializing in offering bad credit consumers loan products. The lender is known for providing alternative lending solutions with a convenient, quick, and straightforward application process.
With SkyCap Financial, you can apply for short-term loans ranging from $500 to $100,000 with loan terms between nine to 60 months. Applicants are approved in as little as 24 hours.
Our Verdict
| Who Is SkyCap Financial Best For? | Best for consumers who need access to fast cash but don’t want to use a payday loan |
| What We Like About SkyCap Financial | Fast approval and funding times Competitive interest rates if you have good credit Flexible repayment terms and loan amounts Easy loan criteria |
| What We Don’t Like About SkyCap Financial | High interest rates if you have poor credit |
What Does SkyCap Financial Offer?
SkyCap Financial offers personal loans that can be used for a variety of purposes, such as:
- Home improvement
- Car purchase and repair
- Debt consolidation
- Last minute bills
SkyCap Financial Loan: Snapshot
| Loan Amount | $500 to $100,000 |
| Loan Terms | 9 months to 5 years |
| Interest Rate | 8.99% to 35% |
| Approving Time | Within 24 hours |
| Funding Method | Direct Deposit |
| Eligibility Requirements | Credit score Income Employment stability Canadian resident Age of majority in your province |
| Availability | All provinces and territories |
What Do You Need To Qualify For A SkyCap Financial Loan?
SkyCap Financial considers your credit, job stability, and income level when evaluating applicants. To apply, you’ll need to:
- Be a Canadian resident
- Be the age of majority in your province/territory
- Earn a reasonable income
- Carry a low amount of outstanding debt
- Have a solid source of employment (full or part-time)
Does SkyCap Financial Accept Bad Credit?
If you have bad credit, you can still qualify with SkyCap Financial since they base their approvals on your overall financial health, not just your credit score. Moreover, SkyCap Financial can even offer you a loan if you’ve recently gone through a consumer proposal or personal bankruptcy. However, you must be discharged to be eligible.
What Documents Are Required?
As part of the application process, you may be asked to supply the following documentation:
- Government-issued photo ID
- Recent pay stubs
- Latest 90 days of bank statements
- Void cheque (for direct deposit)
If additional documents are needed, you’ll be asked to provide those too.
How To Apply With SkyCap Financial
SkyCap Financial’s loan application process is relatively simple and can be completed online in less than five minutes.
Step 1: Enter Loan Request And Personal Information
Start the process by requesting the loan amount required and the purpose of the loan. You’ll also need to input your personal information, including:
- Your full name
- Email address
- Mobile phone number
- Date of birth
- SIN (optional)
- Address
- Employment information
Step 2. Agree To Instant Bank Verification Via Flinks
Many online lenders, including SkyCap Financial, use instant bank verification (IBV), a convenient way for lenders to vet applicants and streamline the loan application process. In turn, this provides faster approvals.
Flinks is one such service that offers instant bank verification to help lenders quickly verify your income and bank account by connecting to your financial institution. You’ll need to agree to instant verification to allow Flinks to connect your account.
Step 3: Get Approved
Once you complete the application, you’ll receive a response about your application status within 24 hours. If you’re approved, you’ll receive your funds via direct deposit.
SkyCap Total Customer Care
If you’re looking unlimited access to essential services that can help you save time, money and stress, consider applying for Total Customer Care. For just $23.99/month, up to 5 people per household can benefit from:
Virtual Healthcare – With Total Customer Care, you’ll have access to a Canadian-licensed general practitioner, which can be challenging to find in our current public healthcare system. You can not only get advice about the symptoms you have but get prescriptions as well.
Customer Perks – Get deals from various brands for both online or in-store shopping. You can get deals in many different industries, including auto, home, pets, fashion, food and much more.
Home And Auto Services – If your car is experiencing some issues, you cause Auto Support to get repair cost estimates, diagnostics, and second opinions. You can also get some technological assistance if you’re having trouble with your home printer, phone, or computer.
Identity Theft Protection – Worried about your identity being stolen? Get 24/7 Identity Theft Monitoring and Restoration for you and your whole family with Total Customer Care.
What We Like About SkyCap Financial
Before applying, it’s important to weigh the benefits and drawbacks. The main advantages of SkyCap Financial include:
- Fast Approval Times. As long as everything on your application can be easily verified, you may be able to get loan approval as soon as 24 hours after applying.
- Adjustable Fixed Interest Rates. Depending on your credit and financial profile, you may be able to qualify for a more competitive interest rate.
- Flexible Repayment Terms And Loan Amounts. Loan amounts range from $500 to $100,000, with loan terms ranging from 9 months to 5 years.
- Easy Qualification Requirements. While good credit may help increase your chances of getting approved, you may still be able to qualify with lower credit, depending on your circumstances.
What We Don’t Like About SkyCap Financial
Be sure to consider the following potential drawbacks of SkyCap Financial before applying:
- High Interest Rates May Apply. If you apply with poor credit and a short employment history, SkyCap Financial may charge a higher interest rate to offset the added risk of lending you money.
Is SkyCap Financial Safe?
SkyCap Financial has been in the lending industry for more than a decade. The company is BBB accredited and boasts an A+ rating, along with a slew of growing positive reviews online from past and present customers.
SkyCap Financial also maintains the confidentiality of all personal information and only uses such data per applicable laws, business contracts, and other internal policies.
What Do Consumers Think Of SkyCap Financial?
SkyCap Financial has a relatively positive online profile among customers:
| Better Business Bureau (BBB) | Accredited A+ Rating 4.74/5 stars |
| Google Reviews | 4.6/5 stars 1,760 reviews |
How Does SkyCap Financial Compare To Money Mart?
Other similar financial companies are available to Canadians, offering quick loans with flexible and easy repayment terms. Money Mart is one such lender in Canada. So, how does SkyCap Financial compare to personal loans from Money Mart?
| SkyCap Financial | Money Mart | |
| Loan Amount | $500 to $100,000 | $500 to $18,000 |
| Loan Terms | 9 months to 5 years | 6 months – 5 years |
| Approving Time | Within 24 hours | Within 48 hours |
| Interest Rate | 8.99% to 35% | 29.9% or 34.28% |
| Eligibility Requirements | – Credit score – Income- Employment stability – Canadian resident – Age of majority in your province | – Verifiable income – Valid chequing account – Age of majority in your province |
Bottom Line
SkyCap Financial is a great resource if you need a quick cash fix without jumping through all the hoops of the traditional loan process with your bank. The lender has been in the business for years and has a reputable track record of helping other Canadians. Just be wary of the interest rate you may be charged, particularly if you have a low credit score.
